Being in the rarefied air of all-time highs understandably makes many investors nervous. But as Hedgeye CEO Keith McCullough explained Monday morning on The Macro Show, heading into year-end is not the time to get squeamish. He points to the Thanksgiving week numbers as evidence.
“Being defensive was horrible last week,” McCullough says in the video above. “Last week, I hope you ate a lot of food and you were aggressively positioned.”
McCullough cites the recent bearish moves for bonds, gold, and utilities. It suggests growth will continue to be the big story for the U.S. stock market heading into 2018.
“I understand. Everybody and his brother want to know – where’s the top?” he says. “But you have to empathize with why the bulls have been making so much money this year—because they’ve been purely data dependent this year.”
Watch the video above for more.
